Dien May Xanh Approved for HoSE Listing, Market Cap Exceeds Parent MWG

Overview

Dien May Xanh, a subsidiary of The Gioi Di Dong (MWG), has received approval from the Ho Chi Minh City Stock Exchange (HoSE) to list nearly 1.27 billion shares. The listing, expected in early August, gives Dien May Xanh an estimated market capitalization of VND 101 trillion (USD 3.8 billion), surpassing its parent company MWG’s market cap of VND 93 trillion. This milestone follows a successful IPO with strong institutional demand.

Key Facts

• HoSE approved the listing of nearly 1.27 billion shares of Dien May Xanh on July 27.
• The first trading day is expected in early August; the reference price is set at VND 80,000 per share.
• Dien May Xanh’s estimated market capitalization is VND 101 trillion (USD 3.8 billion), higher than MWG’s VND 93 trillion.
• The company’s IPO saw 93% of offered shares subscribed, with participation from about 60 domestic and foreign funds.
• Dien May Xanh targets 2025 revenue of VND 122 trillion and net profit of VND 7.35 trillion.
• By 2030, the company aims for revenue of VND 182 trillion and net profit of VND 13 trillion.
• In H1 2025, revenue reached nearly VND 65.3 trillion, up 31% year-on-year, achieving over half the annual target.

What Happened

On July 27, HoSE announced its approval of the listing application for Dien May Xanh, submitted two weeks earlier. The company plans to begin trading in early August, with a reference price of VND 80,000 per share, matching its IPO price. The listing will make Dien May Xanh one of the largest companies on HoSE by market cap, potentially entering the VN30 index.

CEO Doan Van Hieu Em stated that Dien May Xanh still has growth potential despite a maturing electronics retail market. The company’s growth strategy focuses on expanding its retail chains for phones, electronics, and authorized Apple products, as well as financial services and installation/repair services. Dien May Xanh achieved 31% revenue growth in H1 2025 without opening new stores, driven by same-store sales growth.

Market Context

MWG closed at VND 63,300 on July 27, 2026, on HOSE. The listing of Dien May Xanh creates a unique situation where a subsidiary has a higher market cap than its parent. MWG shareholders will receive Dien May Xanh shares as part of the demerger, and the market will need to reassess the valuation of both entities. The electronics retail sector in Vietnam is highly competitive, with players like Dien May Xanh, Nguyen Kim, and FPT Shop vying for market share.

Strategic Significance

The listing of Dien May Xanh allows the market to directly value the subsidiary’s strong cash flow and growth prospects, separate from MWG’s other businesses. Dien May Xanh’s higher market cap suggests investors see it as the more valuable part of the group, given its dominant market position and expansion into financial services. The IPO’s strong institutional demand indicates confidence in its long-term growth, despite sector saturation. For MWG shareholders, the listing provides a clearer picture of the group’s sum-of-the-parts valuation.

What to Watch

• First trading day of Dien May Xanh on HoSE and its price performance relative to the reference price.
• MWG’s share price reaction and potential arbitrage opportunities between parent and subsidiary.
• Dien May Xanh’s Q3 2025 earnings report to assess if growth momentum continues.
• Inclusion of Dien May Xanh in the VN30 index and subsequent passive fund flows.
• Any further corporate actions, such as share swaps or dividends, between MWG and Dien May Xanh.